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Capital One Auto loan


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Anyone know what the catch is? I scoured the web site trying to find out if there are any restrictions on the age or mileage of vechile - all I could come up with is they won't do loans on RVs, buses, commercial vechicles, etc. Do you get approved online, then you don't find out all the details until you receive the package? I want to do a 72mo on a 2000 Excursion (diesel), but it's got 131,000 miles...

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They will approve you online, tell you the amount that you've been approved for as well as the interest rate.

But there are catches. Used vehicles have to be under X years old and under X amount of miles.

The info used to be on the site, but has disappeared. Best bet would be to give them a call and ask:

Phone: 1-800-390-5153

E-mail: customfinance@capitaloneauto.com

Business hours: Monday - Friday: 7 a.m. to 7:30 p.m.

Saturday: 9 a.m. to 2 p.m. Central time

Capital One Auto Finance • 1-800-689-1789

Business hours are Mon - Sat: 7 a.m. to 7:30 p.m., Sun: 9 a.m. to 2:00 p.m. CT.

I think that they will finance a 6 year old vehicle, but I don't think they will do it with that sort of miles on it.

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I decided to call them. I asked if there are any restrictions on vehicle age or mileage when purchasing from a dealer. He said there are none. So I filled out the online application, and was approved - not even 15 minutes after I finished the online app, I got a phone call from them, saying I was approved. Up to $24,000 for 72 months @ 9.40%. But I have to fax them a copy of a utility bill because I have only lived at this address for 3 months. After they verify that, they send out the package. So now I wait for them to verify my address...

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Wow--they have changed. I remember when I applied a while back they had all sorts of restrictions on used vehicles--even from dealers. I think they used to calculate on 'average' annual mileage of 12,000 or so.

If you do go through with it, I would try to refinance with another lender after 6-12 months. At that point you should qualify for a lower rate.

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  • 3 months later...

I was just approved today and this was in the email they sent me. Rule #2 is what might make it difficult. I might have to spend more than I wanted to get a used car with less than 30K on it. Kinda surprised they approved me in my situation. I can afford the vehicle easily. I just haven't paid all those doctors yet... hehehe.

1. You may use your Blank Check® at any franchised dealership in

the U.S. A franchised dealership is a dealership associated with a

major automobile manufacturer such as Chevrolet, Ford, Honda, etc. You may

also purchase a vehicle from CarMax or the following car rental

agencies: Budget, Enterprise, Hertz or National. You may not purchase your

vehicle from independent dealerships or auto brokers.

2. The model year of the vehicle must be 1999 or newer.

3. The odometer reading cannot exceed 30,000 miles for used

vehicles or 6,000 miles for new vehicles.

4. Recreational vehicles, conversion vans, Daewoo models, and

vehicles intended for commercial purposes are not eligible for financing.

5. The vehicle must have a Loan-to-Value (LTV) that is less than

or equal to 130% of invoice for new vehicles or 130% of

wholesale/trade-in value for used vehicles based on "Kelley Blue Book" value guide.

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My fiance and I just got a car this weekend with Capital One... tho ours is a brand new car.

We got a MUCH better deal than what the dealership tried to pull on us.

If you haven't gotten the car yet, I HIGHLY recommend trying to get the loan down to 60 months instead of 72.

By getting the better financing deal and 60 months instead - I am saving almost $8000. Wow, huh? The difference in financing was 5%.

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4. Recreational vehicles, conversion vans, Daewoo models, and

vehicles intended for commercial purposes are not eligible for financing.

That's funny, they won't finance a Daewoo?

Must be the depreciation/resale value of that brand.

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My fiance and I just got a car this weekend with Capital One... tho ours is a brand new car.

We got a MUCH better deal than what the dealership tried to pull on us.

If you haven't gotten the car yet, I HIGHLY recommend trying to get the loan down to 60 months instead of 72.

By getting the better financing deal and 60 months instead - I am saving almost $8000. Wow, huh? The difference in financing was 5%.

The difference of 5% was comparing dealer with Cap1 or comparting Cap1 72-mo vs 60-mo?

I ask because I have my blank check sitting in front of me and set a 72-mo term knowing I could always pay more at any time, either paying off the loan quicker or having them re-amortize the loan so that I would lessen my future payments after each extra payment.

If the rate is going to be the same at Cap1 for both 60 and 72-mo terms, then I'd suggest the 72-mo term and simply pay extra each month and have them re-amortize the loan each time you give them extra. That way, you will get the lower payment required for the 72-mo plan, in case you ever get into financial difficulty.

For example, we will use the $25000 loan amount with 12% interest.

At 72-mo, the "minimum" monthly payment is $488.75.

At 60-mo, the "minimum" monthly payment is $556.11.

There are no prepayment penalties, and like I said, Cap1 will re-amortize your loan for FREE as often as you'd like, any time you send an extra payment if you ask for it. So take the 72-mo loan and give yourself every chance to pay off that loan without any lates. Either save that extra $50 for a month you are hurting, or send it in and have them re-amortize the loan monthly.

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That's funny, they won't finance a Daewoo?

Must be the depreciation/resale value of that brand.

I have a friend who sold car loans to dealerships. Their company would do all kinds of creative financing- 110% ltv & horrendous subprime loans too. The one rule they had? No financing for Kias and Daewoos EVER. People would have problems with their Kias and Daewoos, and since they don't hold their value, they'd just stop paying on the note since the owner was so far upside down already. The finance company was taking a bath- even on cars that they sucessfully repo'd they'd only get back a fraction of their money.

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